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Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $85,400 on available-for-sale securities. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.

Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $85,400 on available-for-sale securities. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Se.27.

1 Less from Operations Net Income/(Loss) Cullumber Company has stockholders' equity of $430,000 and net income of $73,530. It has a payout ratio of 20% and a return on assets of 19%. How much did Cullumber pay in cash dividends, and what were its average total assets? Cash dividends Average total assets (al (b) Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $667.50 million and sales of $22.250.0 million in 2022. Its total assets were $12.000 million at the beginning of the year and $13,000 million at the end of the year. What is Staples, Inc.'s lal asset turnover and (b) profit margin? (Round asset turnover to 2 decimal places, eg. 1.25 and profit margin to 1 decimal place, og 2.5%) Asset turnover $ Profit margin AYAYAI CORP. Statement of Comprehensive Income $ times
Transcribed Image Text:1 Less from Operations Net Income/(Loss) Cullumber Company has stockholders' equity of $430,000 and net income of $73,530. It has a payout ratio of 20% and a return on assets of 19%. How much did Cullumber pay in cash dividends, and what were its average total assets? Cash dividends Average total assets (al (b) Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $667.50 million and sales of $22.250.0 million in 2022. Its total assets were $12.000 million at the beginning of the year and $13,000 million at the end of the year. What is Staples, Inc.'s lal asset turnover and (b) profit margin? (Round asset turnover to 2 decimal places, eg. 1.25 and profit margin to 1 decimal place, og 2.5%) Asset turnover $ Profit margin AYAYAI CORP. Statement of Comprehensive Income $ times
Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $85,400 on available-for-sale securities. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. Income from Continuing Operations Discontinued Operations Gain from Disposal Loss from Operations AYAYAI CORP. Partial Income Statement For the Year Ended December 31, 2022 $
Transcribed Image Text:Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $85,400 on available-for-sale securities. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. Income from Continuing Operations Discontinued Operations Gain from Disposal Loss from Operations AYAYAI CORP. Partial Income Statement For the Year Ended December 31, 2022 $
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